Things To Consider When Starting A Business In Australia

1
This To Consider When Starting Up A Business In
Australia

• Arranged By Maryann Farrugia
• https//www.crunchbase.com/person/maryann-farrugia

2
Business Structure

• Choosing the right structure for your business is
  key to your success. Go for the best one that
  suits your needs.
• Sole Trader Youre in total control of your
  business.
• Partnership Youre conducting business jointly
  with others
• Company Shareholders own the company, while
  directors run it.

3
Business Registration

• Decide on a business name. Make sure its catchy
  and easy to remember and spell so clients can
  Google you with no trouble.
• Hot Tip Check the National Names Index to see if
  the business name you want is available. If it
  is, its best to register it as a domain name.

4
Australian Business Number

• ABN helps identify businesses in public records
  and simplifies dealings with the bank, tax,
  office and other govt departments.
• Hot Tip While having an ABN isnt mandatory for
  a hobby business, majority of business owners
  will need one for invoicing or creating purchase
  orders.

5
Goods Services Tax

• If your turnover exceeds 75,000 (or is likely to
  exceed it), youll need to register for GST
  through the ATO.
• Hot Tip If youve just started a new venture and
  expect it to meet the 75,000 threshold or more
  in its first year, then you may go register for
  GST.

6
Employee Benefits

• Its important that you understand your
  obligations toward the people who work for you.
  Know your legal duties in terms of Employment
  Records, Insurance, Tax, Superannuation and
  Health Safety.
• Hot Tip Visit the Fair Work Ombudsmans website
  to learn more about employers responsibilities,
  employment categories and minimum wage
  calculation.